ABA Welcomes OCC’s Invitation for Comment on Volcker Rule

By Rob Nichols, ABA president and CEO

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​ “We welcome today’s OCC request for public comment on how to improve the Volcker Rule. Regulators responsible for implementing the rule and even its namesake, former Federal Reserve Chairman Paul Volcker, have acknowledged the need for refinements. We share that view.

“In addition, Treasury Secretary Mnuchin, as Chairman of the Financial Stability Oversight Council, has brought the 5 implementing agencies together to consider how to improve administration of the Volcker Rule. The OCC action today invites the public into that process.

“At the end of the day, we all seek an implementation program that is clear and promotes financial stability and economic growth. We appreciate that the OCC statement references several of ABA’s past comments regarding the Volcker Rule, and we intend to be active participants in the public reform discussion.”

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The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend more than $9 trillion in loans.